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Tuesday, November 16, 2010

MARKET RESEARCH AND CAREER

Opportunities in marketing research are global in nature and call for a rich understanding of market culture and quantitative approaches. Market research is considered to be the fastest growing occupational categories today.

Market Research is the gathering of information concerning consumers' opinions, tastes, needs and desires. This data is compiled through a variety of methods and then used by companies to decide what types of products and services fit the demands of the public. Information gathered from market research also helps companies decide how best to package and advertise their products and services and help determine precisely who the companies' target markets are. Market research analysts perform the day-to-day work of the marketing research industry.

Market Research attempts to understand why we buy a particular product or service. Consumers are becoming more demanding and markets for products and services are becoming increasingly competitive. Businesses at this stage require a sophisticated marketing intelligence. A Good market research is critical for businesses to study markets and marketing strategies for new products and services. It also provides data needed to maintain market share and sales volume. Our choices of products and even our attitudes to political and social issues, like drunken driving – are evidences of successful marketing strategies.

Nature of work: Market or Marketing Research Analysts are concerned with the potential sales of a product or service. They analyze statistical data on past sales to predict future sales. They gather data on competitors and analyze prices, sales, and methods of marketing and distribution. Market Research Analysts devise methods and procedures in obtaining the data they need. They often design telephone, mail, or Internet surveys to assess consumer preferences. Some surveys are conducted as personal interviews by going door-to-door, leading focus group discussions, or setting up booths in public places such as shopping malls. Trained interviewers, under the market research analyst’s direction, usually conduct the surveys.

After compiling the data, market research analysts evaluate them and make recommendations to their client or employer based on their findings. They provide a company’s management with information needed to make decisions on the promotion, distribution, design, and pricing of products or services. The information may also be used to determine the advisability of adding new lines of merchandise, opening new branches, or otherwise diversifying the company’s operations. Market Research Analysts might also develop advertising brochures and commercials, sales plans, and product promotions such as rebates and giveaways.

Survey Researchers design and conduct surveys for a variety of clients such as corporations, government agencies, political candidates, and service providers. They use surveys to collect information that is used for research, making fiscal or policy decisions, measuring policy effectiveness, and improving customer satisfaction. Analysts may conduct opinion research to determine public attitudes on various issues, which may help political or business leaders and others assess public support for their electoral prospects or social policies. Like Market Research Analysts, Survey Researchers may use a variety of mediums to conduct surveys, such as the Internet, personal or telephone interviews, or mail questionnaires. They also may supervise interviewers who conduct surveys in person or over the telephone.

Survey Researchers design surveys in many different formats, depending upon the scope of research and method of collection. Interview surveys, for example, are common because they can increase survey participation rates. Survey researchers may consult economists, statisticians, market research analysts, or other data users in order to design surveys. They may also present survey results to clients.

MARKET RESEARCH: SKILLS & TALENTS

The field of marketing research calls on the following skills:

Key Skills AreaRequirement

People skills:Medium

Sales skills:Medium

Communication skills:Medium

Analytical skills:Very High

Ability to synthesize:Medium

Creative ability:High

Initiative:Medium

Work hours:35-65/week

Must be good with Data: Market-Research Analysts research market conditions by collecting, organizing, and interpreting data from local, regional, national, or other areas to determine potential sales of a product, service, or retail facilities.

Team Oriented: Market Researchers usually work on a research team with statisticians, motivational research specialists who design survey questions, pollsters, interviewers, IT specialists and a variety of others.

Survey researchers held about 50,000 jobs in 2008. Survey Researchers were mainly employed by professional, scientific, and technical services firms, including management, scientific and technical consulting firms, and scientific research and development firms; employment services, State government, and internet service providers and web search portals. A number of market and survey researchers combine a full-time job in government, academia, or business with part-time or consulting work in another setting. About 8 percent of market and survey researchers are self-employed.

Some of the market Research companies providing jobs In India

®Cross Tab

®Delphi Research Services

®Diksha Research

®IMRB International

®Lamcon Finance & Management

®Market Pulse

®Nielson India

®Protech India

®Rural Relations

®Rushabh Direct

®Marketing

®Sampling Research

®Samsika Marketing Consultants

®TNS India

Positions available in Market Research: Vice-President of Marketing Research: This is the senior position in marketing research. The VP is responsible for the entire marketing research operation of the company and serves on the top management team, also sets the objectives and goals of the marketing, research department.

Research Director: Also a senior position, the director has the overall responsibility for the development and execution of all the marketing research projects.

Assistant Director of Research: Serves as an administrative assistant to the director and supervises some of the other Marketing Research staff members.

(Senior) Project Manager: Has overall responsibility for design, implementation, and management of research projects.

Statistician/Data Processing Specialist: Serves as an expert on theory and application of statistical techniques. Responsibilities include experimental design, data processing, and analysis.

Senior Analyst: Participates in the development of projects and directs the operational execution of the assigned projects. Works closely with the analyst, junior analyst, and other personnel in developing the research design and data collection. Prepares the final report. The primary responsibility for meeting time and cost constraints rests with the senior analyst.

Analyst: Handles the details involved in executing the project. Designs and pretests the questionnaires and conducts a preliminary analysis of the data.

Field Work Director: Responsible for the selection, training, supervision, and evaluation of interviewers and other field workers.

Educational Qualification: The most common entry-level position in Marketing Research for people with bachelor's degrees (e.g., BBA) is as Operational Supervisor. These people are responsible for supervising a well-defined set of operations, including field work, data editing, and coding, and may be involved in programming and data analysis. Another entry-level position for BBAs is Assistant Project Manager. An Assistant Project manager will learn and assist in questionnaire design, review field instructions, and monitor timing and costs of studies. In the Marketing Research industry, however, there is a growing preference for people with master's degrees. Those MBA with PhD or equivalent degrees are likely to be employed as Project Managers.

Market Researcher: Salaries In general, salaries for Market Researchers are relatively high in the Indian job market. Since this category of job often calls for a master’s degree or even a doctorate, starting pay can be quite good. However, some entry level jobs in market research can be low-paying. MBA level salaries for market research types at top schools have above Rs. 1, 00,000 in recent years.